The Government has $115 million at risk from the collapse of SolarZero.
Finance Minister Nicola Willis said she was seeking urgent advice on the SolarZero situation. She had no further comment.
NZ Green Investment Finance – a “green investment bank” created by the previous Government to fund environmentally-friendly businesses – made a $145m debt facility available to SolarZero, as well as facilitating $220m in credit lines from international private lenders First Sentier Investors, Natixis Investment Managers and Société Générale.
There are scores of investment funds that are looking to invest tens of billions of dollars in green energy firms. If SolarZero couldn’t attract enough investors willing to risk their own money, taxpayers should not have been forced to invest in it.
David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders.
7 comments:
Fair comment from David. Does anyone else feel that we are still afflicted by ‘snake oil’ salesmen? Public $$ should never be involved, and there must be consequences for such errors when they do occur.
Another way to transfer more of the poor (taxpayer)'s money to the rich (Blackrock)
Corporate welfare or another Ponzi scheme?
Whether it is about renewable energy, or something else, if due diligence suggests the idea and business plan are sound, there is always investment money willing to support it. The largesse shown with taxpayer’s money has been infuriating, and whilst things are improving I’d appreciate seeing even firmer resolve.
Heaven forbit that we chuck as much at this nonsense as Albo and his bunch of nutters in Aussie
I suggest that Blackrock has seen the opportunity to avail themselves of the NZ Solar Zero Business. An offshore bank
( Royal Scottish ) stole a number of hotels off a NZ developer after the development was well under construction , the equity was high and the entire business was liquidated and gobbled up by the financier after they refused previously agreed funding. Jacinda put taxpayers money up and who knows how Blackrock said thanks to the former PM but our equity will now be theirs .
That 'Green" fund should have been available only to homeowners as a interest free loan, not big business. That company saw the taxpayer coming! If the word 'green' was mentioned the Labour Government was in boots and all. I bet there was no due diligence done
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